What is a co-borrower and what are the previlges they enjoy over a property?
if you are co-owner and co-borrower you are responsible for every thing and eligible for all privileges and benefits to the extent of your share. if you are only co-borrower you are responsible for repayment of loan and also you can avail all IT benefits to the extent of 50% of the interest & principal payments every year during the loan tenure. you don’t have the rights over the property in any manner on legal angle. if you are only co-owner still you have the responsibility over the loan if the borrower fails to pay. in such case the lender will foreclose and settle your amount.
